CurrencyThe official currency of the Republic of India is the Indian Rupee. India currency is issued and regulated by the Reserve Bank of India. The bank notes are issued in various denominations such as 1, 2, 5, 10, 20, 50, 100, 500, and 1000 rupees. Coins are issued in the denominations of 1, 2, 5 and 10 rupees and 1, 2, 5, 10, 20, 25 and 50 paise.
You would need about 54 Indian Rupees to make up 1 U.S. dollar.
The economy in India is the eleventh largest in the world. The gross national product is 4.16 trillion U.S. dollars.
The average annual income in India is around 411,200 INR (8,000 USD), according to 2011/2012 salary survey.
Economic Impacts on Society If 2011 was full of signs of an economy decelerating -- high inflation, a slowdown in manufacturing, exports losing momentum, waning holiday sales, and rising inventory of unsold apartments -- this year will hit Indians, especially middleclass Indians, where it hurts the most: home finances.
The finances of most Indian families have already been hurting with inflation (the rate at which prices rise). For the past 12 months, India's inflation rate has been running more than double the 4.5% that India considers manageable. Incomes will likely remain flat or only slightly increase this year as the effects of such long-term inflation play havoc with rents, interest on loans, spending on health care, education, and entertainment.
Costs of education, hospital care, and medication are on an upward spiral. Schools have had to increase fees by 10-15%, due to food and fuel prices, increased spending on staff, and higher cost of capital. Interest rates are up from 8% in 2005 to 14% in 2012.
The effects of such increases in costs would be bearable if salary increases were in line. But human resource experts say "tough economic conditions will force organizations to be prudent with salary rises."
Large-scale unemployment has not hit the headlines yet, but employees in sectors such as banking and financial services, telecom, and retail are feeling the crunch. Companies have shifted to salary structures where as much as 25-30% of the salary is linked directly to company, team, and individual performance. Companies are cautious about hiring, and are less tolerant of low productivity. With these circumstances, the middle aged or elderly are most vulnerable.
CurrencyThe official currency of the Republic of India is the Indian Rupee. India currency is issued and regulated by the Reserve Bank of India. The bank notes are issued in various denominations such as 1, 2, 5, 10, 20, 50, 100, 500, and 1000 rupees. Coins are issued in the denominations of 1, 2, 5 and 10 rupees and 1, 2, 5, 10, 20, 25 and 50 paise.
http://www.averagesalarysurvey.com/article/average-salary-in-india/28162105.aspx
Economic Impacts on Society
If 2011 was full of signs of an economy decelerating -- high inflation, a slowdown in manufacturing, exports losing momentum, waning holiday sales, and rising inventory of unsold apartments -- this year will hit Indians, especially middleclass Indians, where it hurts the most: home finances.
The finances of most Indian families have already been hurting with inflation (the rate at which prices rise). For the past 12 months, India's inflation rate has been running more than double the 4.5% that India considers manageable. Incomes will likely remain flat or only slightly increase this year as the effects of such long-term inflation play havoc with rents, interest on loans, spending on health care, education, and entertainment.
Costs of education, hospital care, and medication are on an upward spiral. Schools have had to increase fees by 10-15%, due to food and fuel prices, increased spending on staff, and higher cost of capital. Interest rates are up from 8% in 2005 to 14% in 2012.
The effects of such increases in costs would be bearable if salary increases were in line. But human resource experts say "tough economic conditions will force organizations to be prudent with salary rises."
Large-scale unemployment has not hit the headlines yet, but employees in sectors such as banking and financial services, telecom, and retail are feeling the crunch. Companies have shifted to salary structures where as much as 25-30% of the salary is linked directly to company, team, and individual performance. Companies are cautious about hiring, and are less tolerant of low productivity. With these circumstances, the middle aged or elderly are most vulnerable.
http://businesstoday.intoday.in/story/indian-economy-outlook-in-2012/1/21369.html
©Rachelle Dawson 2012. Last revised: May 8, 2012. All Rights Reserved. For more information, please contact: Rachelle Dawson rdawson@gmail.com